AUDUSD - Possible Bearish Breakout

AUDUSD has been trading within an ascending triangle for the majority of this year and a breakout is expected within the next two weeks. With the US Dollar hitting nine month highs earlier this week, a December rate hike is strongly expected which would strengthen the greenback further. Meanwhile, the pressure of a rate cut has eased in Australia after inflation data for the last quarter came out higher than expected at 0.7%. Economic data for Australia throughout the next couple of months will be an important indicator as to whether they will maintain or cut rates. In the US, investors will be focussed on the upcoming election and a possible rate hike in December.
We will be watching this pair for a breakout downwards to the 0.715 and 0.68 levels. Alternatively, an upwards breakout could see AUDUSD head towards 0.8.